Tor Olav Trøim is ramping up his return to the tanker business with plans to take a new VLCC venture public, backed by a roster of well-known shipping names.
Trøim’s Oslo-listed vehicle Bruton is preparing to merge its two dual-fuel VLCC newbuildings at New Times Shipyard with a parallel pair of supertankers ordered by affiliate Andes Tankers, creating a pure-play VLCC platform. The move, supported by Troim’s Drew Holdings, Emanuele Lauro-led Scorpio, and Greek owner Peter Livanos, would give Trøim a modern four-ship fleet, with deliveries stretching into 2027. Scorpio and Livanos’s Blenheim Special Investment have emerged among the largest owners in Bruton with 5% and 6%, respectively.
Bruton said it aims to follow the payout model pioneered at 2020 Bulkers and Himalaya Shipping, both Trøim-led ventures, targeting low leverage, cash breakeven flexibility, and monthly dividends. An equity raise of up to $100m is under consideration as a first step, with ambitions for a dual listing on an international exchange alongside its Euronext Growth Oslo presence. Andes Tankers is led by Lars-Christian Svensen, who also heads up 2020 Bulkers and Himalaya Shipping.
In addition to Trøim, who owns 48% of Bruton, UK shipbroker Affinity (Shipholdings) holds about 12%, while Magnus Halvorsen’s MH Capital and Norwegian businesswoman Celina Midelfart are listed with about 9% and 6%, respectively.
Several former Frontline executives are tied to the company. Robert Hvide Macleod, ex-CEO of Frontline Management, holds 3%, while his predecessor Jens Martin Jensen has 1%. Bruton’s chief executive, Gunnar Eliassen, once part of John Fredriksen’s Seatankers, is leading the project. The board is chaired by Himalaya Shipping’s Bjørn Isaksen, with support from Borr Drilling executives Mi Hong Yoon and Patrick Schorn.
The investment case hinges on fleet demographics. Bruton pointed to a historically low VLCC orderbook of just 13% against an ageing fleet, with more than one-third of today’s units set to pass 20 years of age by 2030. The company sees this imbalance as the foundation for a strong earnings market for modern, fuel-efficient ships.
Bruton’s two VLCCs are due in July 2026 and January 2027 and will feature dual-fuel LNG propulsion. Talks are underway with the yard to equip Andes’ newbuilds with similar dual-fuel systems. Beyond the Andes tie-up, Bruton has signalled interest in further fleet expansion as it looks to establish itself as a leading VLCC dividend player.
Trøim revealed his return to the tanker business after a 15-year absence at the Marine Money’s New York conference in 2023 with a roughly $270m deal for two newbuildings and the bet doubled via at a similar cost and in which he owns about 21% stake.
